The National Assembly has requested the Government to provide a comprehensive report on the increase in electricity and gasoline prices.

From March 20th, the average retail electricity price increased by 8.36%. Following this, many households reported that their electricity bills had doubled or tripled compared to before the price adjustment.

At the opening session of the 7th National Assembly meeting on the morning of May 20th, reporting on the socio-economic situation, Deputy Prime Minister Truong Hoa Binh stated that relevant agencies are "investigating and clarifying the electricity price increase, the method of calculating and collecting electricity bills, ensuring transparency, openness, and compliance with the law."

Many households have reported that their electricity bills have doubled or tripled compared to before the price adjustment.

Reviewing the government's report, Mr. Vu Hong Thanh, Chairman of the Economic Committee, commented that the increase in prices of input goods, especially gasoline, electricity, and medical services, has affected inflation and slowed down production growth.

"I request that the Government provide a full report on the basis for the increase in gasoline and electricity prices and its impact on the consumer price index (CPI) and other economic and social aspects," Mr. Thanh emphasized.

The Chairman of the Economic Committee also suggested that the Government should strengthen forecasting and analysis of developments, fully assess external risks and internal limitations of the economy, and issue warnings, propose contingency plans, and make appropriate adjustments to avoid economic instability.

2019 was a "breakthrough" year for achieving the goals of the 2016-2020 five-year socio-economic development plan. Mr. Thanh suggested that, in order to boost socio-economic development in the future, the Government needs to reduce administrative procedures in a more substantive and forceful manner, and strictly handle violations in all fields, especially investment, construction, and transportation.

At the same time, it encourages the participation of the private sector in investing in and building nationally important projects, promoting the innovation and startup ecosystem, and creating momentum for business development.

On the other hand, Mr. Thanh noted that it is necessary to strengthen coordination between the State Capital Management Committee at enterprises and the relevant ministries, creating favorable conditions for the implementation of power projects and the development of renewable energy sources.

Previously, in a report submitted to the Prime Minister by the Ministry of Industry and Trade regarding the adjustment of retail electricity prices, the agency stated that the recent average increase of 8.36% in retail electricity prices did not include the expected exchange rate difference for electricity purchases and sales in 2018, which amounted to over 3,260 billion VND. If this cost were added, the total exchange rate difference for electricity purchases and sales would exceed 7,090 billion VND, and the average retail electricity price in 2019 would be approximately 1,879.9 VND per kWh, equivalent to a 9.26% increase.

Regarding the complaints about electricity bills doubling or tripling after the average retail electricity price increase from March 20th, the Ministry of Industry and Trade explained that the process of meter reading, closing meter readings, calculating electricity bills in the month of the price change, applying retail electricity prices, and paying electricity bills... were carried out in accordance with EVN's business procedures and government regulations.